AMP teams with AXA SA in renewed offer for AXA Asia Pacific
Nov. 15 (BusinessDesk) – AMP Ltd., the Australian wealth manager, has teamed up with AXA SA of France for a renewed
takeover proposal for Australia’s AXA Asia Pacific Ltd., valuing the target at A$13.3 billion.
Under the proposed scheme of arrangement, minority shareholders of AXA AP would get at least A$6.43 a share in stock and
cash, according to a statement from AXA AP. The offer is for 0.73 AMP stock and a variable amount of cash, based on the
weighted average trading price of AMP’s shares.
Shareholders of AXA AP would also be entitled to a final dividend of up to 9.25 cents a share, if such a payment is
declared. They would not get AMP’s final dividend payment.
Under the proposal, AMP would acquire all of AXA AP, merge its Australian and New Zealand operations with its own, and
divest the Asian businesses to AXA SA.
The target company’s independent directors are reviewing the proposal and will provide an update to AXA AP’s
shareholders once the review is complete.
AMP is renewing its efforts to acquire the rival after being trumped by a A$13.3 billion offer from National Australia
Bank. The lender’s proposal was subsequently knocked back by Australia’s antitrust regulator.
Shares of AMP jumped 17 cents to $6.80 on the NZX on Friday. AXA AP was last at A$5.78 on the ASX, valuing the company
at A$11.9 billion. The shares were halted today for the announcement.
(BusinessDesk)